When One Joins an Existing Partnership, Care Must Be Taken

question 47

True/False

When one joins an existing partnership, care must be taken to examine the records of the partnership as any new partner automatically becomes jointly and severally liable for the existing partnership debts along with the existing partners.

---

Definitions:

Civil War

A war between factions or regions within the same country, often fought over political, social, or economic issues.

Land Reform

The process of redistributing land, typically from those who have a lot to those who have little, to ensure fairer distribution and utilization of land resources.

Rural African-Americans

Refers to the demographic group of African-Americans who live in rural areas, often dealing with distinct cultural, economic, and historical challenges compared to their urban counterparts.

Land Distribution

The allocation of land among individuals or groups, often a subject of contention in agrarian reforms and policies.